What is an Entrepreneur? A brilliant Definition, Characteristics & Examples

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Interestingly enough, there is disagreement over the definition of an entrepreneur. Some experts have a wide definition that encompasses anyone who works for himself. Others have a more narrow view, implying an entrepreneur doesn’t merely work but his business demands leadership and initiation.

They do tend to agree on the idea that an entrepreneur develops a company around it, takes an idea, handles the business, and assumes the risk for its success.

Types of Entrepreneurs

Among the reasons there is disagreement within the definition of an entrepreneur is that it comprises so many different types of self-employed businesses. Some common types of entrepreneurship include:

Small business: Including local business owners and pop and mother shops. The small business may include sole proprietors partnerships and LLCs. Typically it’s any company that’s less than 500 employees, according to the Small Business Administration.

Home-Based Business: A home based business could meet underneath the category of business that is small, but the principal factor in this instance is the fact that it’s run from the house, as opposed to an office or alternative place. But simply because a company is run from the house, doesn’t mean it can’t compete with bigger companies. The truth is, many big corporations were started from home.

Online Business: Internet-based business can be modest, home-based or even large corporations.

The crucial difference here is that the business is operated mostly online. Including companies like Amazon or other e-commerce businesses, Ebay, blogger and Etsy owners, and any other company that does the bulk of its business online.

Inventors: For an inventor, he has to go beyond the idea stage get it and to build the product.

Serial entrepreneur: Many entrepreneurs get the most enjoyment from developing and starting a company, although not in its direction that is ongoing so that they sell it to found a brand new notion. They are still considered entrepreneurs since they assume and manage risk in the business enterprise for the time they own it. Other times, serial entrepreneurs juggle several companies at once, earning multiple streams of income.

Characteristics of a Successful Entrepreneur

Some imply the entrepreneurial drive is natural, a trait obtained at birth, but others disagree and consider that anyone can become an entrepreneur. A man is born to it or develops it, whether, there are peculiarities and features required to successful entrepreneurship including:

Passion – When they describe the things they do, talk to successful entrepreneurs and you’re going to almost always hear the phrase passion. Following your fire is just one of the best predictor of succeeding.

Independent thinking – Entrepreneurs often think outside the box.

Confidence – It’s difficult to be successful at anything should you not believe in a great consequence. Entrepreneurs are dreamers and consider their ideas are possible, even when they appear unattainable.

Self-confidence – This really is not to say entrepreneurs never have self-doubt, but they’re competent to defeat it and believe they can achieve their goal.

Resourceful and problem solvers – Lack of knowledge, advantages, and resources are typical, but entrepreneurs are able to get the things that they need or figure out the way to use the things they’ve got. They never let difficulties and instead find strategies to attain their goals despite hardships, and challenges get in the way.

Ability and tenacity to overcome hardship – Entrepreneurs do not cease at the first, second or even hundredth obstacle. Failure isn’t a choice so that they continue to work toward success when things FAIL.

Vision – Eyesight is included by several of the more rigorous definitions of entrepreneurship as a necessary component. When you begin, it will help to know your end target. Further, vision is the fuel that propels you forward toward your target.

Focus – It is simple in this fast paced, constant info -in-your-face universe to get diverted. This really is especially true for startups, that regularly get sidetracked by shiny object syndrome (i.e. products and services that guarantee fast results), or bogged down in unimportant busywork. Successful entrepreneurs are focused on just what will bring results.

Activity oriented – Entrepreneurs do not expect something and they do not wait for things to occur. They are doers. They prevent procrastination and overcome challenges.

The way to Become an Entrepreneur

Steve Jobs, Bill Gates and Mark Zuckerberg were in college when they began Apple, Microsoft, and Facebook. The planet is littered with entrepreneurs you won’t ever heard of who turned it right into a company and had an idea. Becoming an entrepreneur isn’t challenging, but it’s work and requires many measures including:

  • The growth of the features mentioned above.
  • An excellent notion
  • A plan
  • Consistent performance of the strategy.

Examples of Entrepreneurs

  • Founder of Microsoft, Bill Gates. There are likely few people who haven’t been reached by one of his products, such as Microsoft Office, Microsoft Windows, and Internet Explorer.
  • Steve Jobs, co-founder of Apple computers, which creates iPods, Macs, and iPhones, in addition to Apple TV.
  • Mark Zuckerberg, the founder of Facebook.
  • Founder of eBay, Pierre Omidyar.
  • Arianna Huffington, founder of the Huffington Post, a well-known online news site.
  • Caterina Fake, co-founder of Flikr, which hosts videos and images on the Internet.